GM emerges from bankruptcy [the first one]

GM emerges from bankruptcy [the first one]
http://tinyurl.com/kqrwnh
David Shepardson / The Detroit News
General Motors Co. completed the paperwork, and its good assets exited

bankruptcy at 6:30 a.m. this morning. The new company also announced a
shake-up of its management team, eliminating its North American
president position and some other top jobs.
GM's president and CEO Fritz Henderson will take responsibility for GM's
operations in North America, eliminating the GM North America president
position.
"To speed day-to-day decision-making, two senior leadership forums, the
Automotive Strategy Board and Automotive Product Board, will be replaced
by a single, smaller executive committee, which will meet more
frequently and focus on business results, products, brands and
customers," GM said.
General Motors will also end its regional operating structure. This
eliminates the regional president positions and the regional strategy
boards. Nick Reilly will be named executive vice president of GM
International Operations (GMIO), which will be based in Shanghai.
"It's an exciting day for General Motors," Henderson said. "We will work
hard to repay the trust and the money that so many have invested in GM."
GM and Treasury Department officials signed the documents at a company
law firm in New York.
GM held an internal employee broadcast at 8:30 this morning ahead of
Henderson's press conference.
GM said the company is launching a "Tell Fritz" Web site to improve
customer communications. Starting in August, Henderson will be on the
road every month -- and around the world -- to meet with customers and
others. "We need to listen ... to the people who matter most -- the
people who own and drive General Motors cars and trucks," he said.
The Detroit automaker has shed billions in debt, cutting four of its
eight brands and trimming its work force significantly, among other
measures. Its good assets had been approved for sale to a group headed
by the U.S. Treasury, though the Obama administration insists it will
not "micromanage" the company. The government -- in exchange for
agreeing invest $50 billion in GM -- will hold a 60.8 percent stake in GM.
GM noted that by the end of 2010, the company will operate 34 assembly,
powertrain and stamping plants, down from 47 in 2008, and capacity
utilization is expected to reach 100 percent during 2011. Overall U.S.
employment will decline from about 91,000 at the end of 2008 to about
64,000 at the end of this year, "creating a company sized to respond
quickly to changes in the market, while still retaining the global scope
necessary to develop world-class products and technologies."
A new board of directors will be in place by the end of the month, and
some executive management changes are expected to be announced this
morning. GM's vice chairman Bob Lutz will announce he is staying with
the company in a new role heading the company's marketing and
communications department. He will remain as a vice chairman
"responsible for all creative elements of products and customer
relationships."
Lutz and Tom Stephens, vice chairman of product development, will work
together, partnering with Ed Welburn, vice president of design, to guide
all creative aspects of design. GM's brands, marketing, advertising and
communications will report to Lutz for consistent messaging and results.
He will report to Henderson, and be part of the newly formed executive
committee.
"I am pleased to announce that we are 'unretiring' Bob Lutz so he can
fill this important position in the new GM," said Henderson. "He has a
proven track record of unleashing creativity in the design and
development of GM cars and trucks. This new role allows him to take that
passion a step further, applying it to other parts of GM that connect
directly with customers."

Hey, now that they have another fresh $20B of taxpayers cash they can pork
roll the 35% of management in a style they are accustomed too while
suppliers and bond holders remain unpaid.
"[the first one]", LOL. Any pools for betting on when the next one will
occur? GM has to know it has a sub-zero credit rating. From now on, it is
cash on the barrel or creditors to GM deserve to get burned.
Fritz Henderson, a fellow Harvard boy to Chrysler's CEO and Obama, now it is
his turn to pump 'n dump. Given the Harvard track record in auto, I would
say a future GM bankruptcy is assured.

Just got back from a nice trip to Las Vegas. (The Avalanche performed
admirably and passed the 55,555 mile mark on the way. I still have a few
months before I reach 3 years.)
I got the following email from GM:
<quote>
Today we are pleased to announce there is a new GM. Please take note that
General Motors Corporation, Saturn LLC, and Saturn Distribution
Corporation sold a substantial amount of their assets to a new legal
entity, General Motors Company ("GM" or "New GM"). This email is being
sent by New GM on behalf of both General Motors Corporation and New GM.
We want to keep you informed about updates that are relevant to you.
General Motors Corporation, Saturn LLC, and Saturn Distribution
Corporation are transferring your personal information (e.g., your
contact information and vehicle purchase history) to General Motors
Company. General Motors Company has substantially the same privacy
policies in place as General Motors Corporation had. If you do not want
to receive marketing messages from GM, call 1-866-MY-PRIVACY
(1-866-697-7482) or visit our Consumer Preference System website at
gmcontactpreferences.com. To review the new GM Privacy Statement, click
here.
We would like to remind you that dealers of GM vehicles will continue to
service GM vehicles and honor GM vehicle warranties.
The New GM is positioned for a profitable, self-sustaining and
competitive future. What's more, the New GM has several new products and
technologies on track to debut, including key vehicle launches in 2009
and 2010. GM has a strong commitment to improving the fuel efficiency of
its vehicle fleet, meeting or exceeding new federal fuel economy and
emissions regulations, and pushing ahead with advanced propulsion
technology. This is highlighted by GM's extended range electric vehicle,
to be introduced in 2010. GM also expects to have 14 hybrid models in
production by 2012.
In the meantime, be sure to stay up to date on all the great savings on
GM's current portfolio of award-winning vehicles. Shop GM Summer Savings,
currently online at GM.com/summersavings.
</quote>

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